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NEW DELHI: L&T Finance Holdings Ltd surged over 16 per cent in 'Muhurat Trade' on Tuesday to hit its 52-week high of Rs 83.55 after the Company intends to issue Unsecured, Redeemable, Non- Convertible Debentures aggregating to Rs. 325 crore, on private placement basis.

At 04:30 pm, L&T Finance Holdings was trading 16.7 per cent higher at Rs 83.50. It has hit a 52-week high of Rs 83.55 and low of Rs 71.70. The stock has nearly doubled in the year 2012 and is up over 50 per cent so far in the month of November.

According to market buzz (unconfirmed reports), L&T Finance & Holding Ltd may merge with City Union Bank and may acquire banking liscence indirectly. Finance ministry has given approval for L&T Finance to merge City union bank . The deal will be favourable for City Union Bank stakeholders and the deal may very well be sealed by December 2012, say reports.